Over the past 40 years, 401(k) plans have become the most common type of retirement plan offered by private employers. As of September 2021, there was $7.3 trillion worth of assets being held in 401(k) plans and about 60 million active participants, according to the Investment Company Institute.
Even amid such progress, however, many Americans still do not have this type of employer-sponsored retirement savings account. But that doesn’t mean you should forgo retirement savings altogether. There are many other ways to set aside money to ensure you’re prepared for the future.
